The ACL Audit Analytic Capability Model: Navigating the journey from basic data analysis to continuous monitoring

Introduction

Today’s business climate has heightened overall awareness of occupational fraud and abuse and its impact on organisations of all types and sizes. It has also increased management’s expectations of fraud examiners and other assurance providers to be more vigilant and more proactive in the early identification – if not prevention – of fraud. Not only are assurance providers being asked to become more efficient and effective in performing this critical role but expectations are heightened to also assess the risk of fraud in their organisations – a challenge that is amplified by declining or, at best, flat budgets, increasing complexities around regulatory compliance and fewer staff.

The case for audit analytics has been made: In 2010, “the use of automated tools or techniques” by internal audit functions qualified as a top-five strategic priority according to research from The Institute of Internal Auditors (The IIA).

For more than 20 years, ACL Services, Ltd. has worked closely with more than 14,700 customer organisations worldwide to develop market-leading audit analytics solutions. During this time, ACL has collected in-depth intelligence from customers who have enjoyed great benefits from using audit analytics, as well as valuable evidence from those who have not. Today, a more practical focus is taking hold as organisations seek to successfully implement new audit technology.

Based on this knowledge, ACL has developed the Audit Analytic Capability Model, a framework for assessing different levels of audit analytic techniques and associated benefits. The model illustrates five progressive levels through which an internal audit department should be looking to evolve its use of analytics, and outlines the fundamental building blocks, in terms of people, process and technology that must be in place to optimise benefits.

ACL developed the model to help organisations more clearly evaluate their use of audit analytics and to better understand, plan and communicate what needs to be done to achieve and increase benefits and success. This white paper will provide an introduction to the ACL Audit Analytic Capability Model and help organisations build a roadmap for increasing analytics testing throughout their internal audit function.

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Tuesday, July 16, 2013 In: Whitepapers Comments (None)

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